Huiyin Group, a multibillion-dollar investment company based in China, has announced the launch of Huiyin Blockchain Ventures (HBV), a subsidiary fund focused solely on investments in the sector.
Launching with $20m in committed capital, HBV will now seek to invest the funds over the course of the next six to 12 months. The fund will be managed by James Wo, the son of Huiyin Group founder, and focus on improving the blockchain ecosystem through investments in infrastructural projects and new use cases.
But while the firm may have “blockchain” in its name, those close to the fund suggested the firm is unlikely to invest in enterprise or so-called alternative blockchain projects.
Wo indicated that the fund will have a special focus on projects building on or otherwise supporting the bitcoin blockchain.
Wo said in a statement:
“We are seeking to invest into bitcoin-related companies to help enrich the industry, as we see a large opportunity for a return on our investment. As the bitcoin industry continually matures, the use of bitcoin will continue to grow and proliferate in China, as well as the rest of the world. HBV intends to be at the forefront of this technology